This may be the answer for You

Are You looking to purchase a new or another home?

Are You thinking it may be better to Re-finance your present home?

Then You will need a new First Mortgage.

What kind? There are so many of them!

Ok, so let's clear the air on something first.

The first question most people ask is:

" What's your best interest rate".

Here's a fact for you. Almost ANY Broker worth a hill of beans can ALL get you the same rate.

The first question You should be asking is:

"What is the best mortgage You can get me for my needs and situatiion".

Why is this important?

So, let's say you deal with a bank or credit union. Your bank or credit union typically has 3, maybe 4 mortgage products available. That is ONLY 3 or 4 mortgages available to You.

Maybe 1 fits, but is it the best for your needs?

"A mortgage broker, is a mortgage broker, they are all the same"

NO!

All mortgage brokers are NOT the same!

Why?

So what is the difference?

Most mortgage brokers have 10-15 lenders they deal with. As stated before, most lenders have 3-4 different mortgage products. So if a broker has 15 different lenders, with 3-4 products each, that's a potential 15-20 different mortgages available that the broker can choose from, to get for You.

Ontario Home Financing has over 60, Yes 60 different lenders we use.

With each lender having 3-4 different products,

that is 180-240 different mortgages available to us, to help

You get

The best mortgage for You !

Why is there a difference in interest rates between buying a home and refinancing a home You presently own?

When You Purchase a home, this type of mortgage is "insurable". What does this mean? It means that the mortgage is "insured" typically by CMHC that if something happens down the road that you can't pay, the lender still gets thier money. (from the insurer, in this case, CMHC.)

A refinance of your present home is "uninsurable" meaning if something happens down the road that you can't pay, the lender is "on the hook" for it. Therefore they have more risk, and charge a slightly higher interest rate.

Ok, so let's go back to

"What's your best rate?"

The best rate depends a few things

1. YOUR credit score / history.

2. YOUR debt load vs YOUR current income.

3. WHERE the property is located.

4. Is it a purchase or a refinance.

5. The amount of the mortgage vs the value of the home.

6. Terms of the mortgage

But I see places all the time advertising x.xx % interest.

True, and we have those rates as well, but they ONLY apply IF
ALL of the below apply to You.

YOUR'S / Everyone's on title's credit score is over 680

Your's and everyone's total debt load is 44% or less of all ALLOWABLE income.

The property is located in a major city

It is a purchase, NOT a refinance

The mortgage is between 80% and 95% of the homes value

It will have minimal repayment / EXPENSIVE escape terms.

If ALL above conditions are met, then yes, YOU can qualify to get the "lowest rate"

So, why should I / we consider using Ontario Home Financing?

Great question !

Here is our promise to You:

We will work our hardest to get YOU the best mortgage and interest rate for your needs and situation. If we can't beat a competetor's deal, we will actually tell You to go with them! You are under NO obligation to go/stay with us. We only use agents/brokers that are licenced by the Financial Services Regulatory Authority of Ontario ( F.S.R.A.)

This may be the answer for You

Why is there a difference in interest rates between buying a home and refinancing a home You presently own?

Yes!, please contact me regarding a new mortgage! I understand that this is totally free, and I am under no obligation to Ontario Home Financing.

You will typically receive an email within 5 minutes! ( 9 AM - 9 PM ).

After 9 PM, we will respond 9 AM the next morning.

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